Pandora Shares Down 18% After Apple Reportedly Working On Own Rival Service

Ouch. Not that it’s much of a surprise, but a little over twelve hours after The Wall Street Journalreported that Apple was going to create its own Pandora rival, prices of Pandora shares have tanked by over 18%.

It seems like the market is taking this as a very real threat, and no wonder: Apple has more to gain by entering the streaming music service space than you might think.